Covid-19 impact: Non-life insurers' premium collection falls 10.7% in March

Premium collection by non-life insurers took a hit in March, owing to the Covid-19 disruption and the subsequent lockdown.

The monthly gross direct premium contracted 10.7 per cent year-on-year (YoY) to Rs 15,785 crore, from Rs 17,673 crore in March 2019. However, for the whole of FY20, gross direct premium for non-life insurers grew 11.7 per cent (YoY).

In absolute terms, premium collected by general insurers was close to Rs 1.89 trillion in FY20, against Rs 1.69 trillion in FY19. The YoY premium growth in FY19 (against FY18) stood at 12.5 per cent.

While general insurers — both private and